Summary of Key Points Core Viewpoint - The announcement details the results of share reductions by major shareholders and executives of Sda Semiconductor Co., Ltd., indicating a completed share reduction plan with specific figures and percentages involved [1][2][3]. Group 1: Shareholder and Executive Holdings - Prior to the reduction plan, Zhejiang Xingdeli Textile Co., Ltd. held 29,493,471 shares, accounting for 12.32% of the total share capital of the company [1]. - Vice General Manager Dai Zhizhan held 807,986 shares, representing 0.34% of the total share capital [1]. - Vice General Manager Tang Yi held 496,500 shares, which is 0.21% of the total share capital [1]. Group 2: Implementation of Reduction Plan - The reduction plan was disclosed on July 18, 2025, with Xingdeli planning to reduce up to 2,394,734 shares (1% of total share capital) [2]. - Dai Zhizhan planned to reduce up to 200,000 shares (0.08% of total share capital) [2]. - Tang Yi planned to reduce up to 100,000 shares (0.04% of total share capital) [2]. Group 3: Results of the Reduction - From August 11 to October 23, 2025, a total of 2,564,300 shares were reduced, which is 1.07% of the total share capital [2][3]. - The actual reduction met the previously disclosed reduction plan [3]. - The reduction plan was completed without any early termination [3].

Group 1 - The company Sda Semiconductor announced that shareholders Xingdeli, Dai Zhizhan, and TANGYI (汤艺) have reduced their holdings by 2.3875 million shares, 76,800 shares, and 100,000 shares respectively, accounting for 1.00%, 0.03%, and 0.04% of the total share capital [1] - Before the reduction, Xingdeli held 29.4935 million shares (12.32%), Dai Zhizhan held 808,000 shares (0.34%), and TANGYI held 496,500 shares (0.21%) [1] - After the reduction, the holdings of Xingdeli, Dai Zhizhan, and TANGYI are 27.106 million shares (11.32%), 731,200 shares (0.31%), and 396,500 shares (0.17%) respectively [1] Group 2 - The actual reduction amounts to 256.7348 million yuan, 8.7637 million yuan, and 11.0628 million yuan for Xingdeli, Dai Zhizhan, and TANGYI respectively [1]

证券代码：603290 证券简称：斯达半导 公告编号：2025-035 斯达半导体股份有限公司 股东及董监高减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股东名称 | 戴志展 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 807,986股 | | | | 持股比例 | 0.34% | | | | 当前持股股份来源 | IPO 前取得：568,304股 | | | | | 其他方式取得：239,682股(为通过公司 | 2023 | 年年度权益分 | | | 派资本公积转增股本取得的股份） | | | 重要内容提示： | 股东名称 | TANG YI（汤艺） | | | | --- | --- | --- | --- | | 股东身份 | 控股股东 ...

Core Viewpoint - The stock of Sda Semiconductor has shown fluctuations in trading performance, with a notable increase in revenue and a slight rise in net profit year-on-year, indicating a stable growth trajectory in the semiconductor industry [1][2]. Group 1: Stock Performance - As of October 24, Sda Semiconductor's stock price increased by 2.06% to 105.33 CNY per share, with a trading volume of 1.90 billion CNY and a turnover rate of 0.76%, resulting in a total market capitalization of 25.22 billion CNY [1]. - Year-to-date, the stock price has risen by 18.10%, but it has experienced a decline of 6.05% over the last five trading days and a decrease of 2.98% over the last 20 days, while showing a 23.02% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Sda Semiconductor achieved a revenue of 1.936 billion CNY, representing a year-on-year growth of 26.25%, while the net profit attributable to shareholders was 275 million CNY, reflecting a slight increase of 0.26% [2]. - The company has distributed a total of 885 million CNY in dividends since its A-share listing, with 671 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Sda Semiconductor was 53,900, a decrease of 5.10% from the previous period, while the average number of circulating shares per person increased by 5.37% to 4,440 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 4.2794 million shares, an increase of 763,500 shares from the previous period [3].

Core Points - Stada Semiconductor's stock dropped by 5.07% to 107.76 CNY per share, with a trading volume of 412 million CNY and a turnover rate of 1.57%, resulting in a total market capitalization of 25.806 billion CNY [1] - The company, established on April 27, 2005, and listed on February 4, 2020, specializes in the design, research, and production of power semiconductor chips and modules, primarily focusing on IGBT products, which account for 98.12% of its revenue [1] Shareholder Analysis - Guolianan Fund's ETF, Guolianan CSI Semiconductor Products and Equipment ETF Link A (007300), is among the top ten circulating shareholders of Stada Semiconductor, having increased its holdings by 128,800 shares to a total of 1.2711 million shares, representing 0.53% of circulating shares [2] - The ETF has a current scale of 1.669 billion CNY and has achieved a return of 43.33% year-to-date, ranking 785 out of 4218 in its category [2] - The fund manager, Huang Xin, has a tenure of 15 years and 194 days, with a total fund asset size of 42.04 billion CNY, while the other manager, Zhang Zhenyuan, has a tenure of 11 years and 325 days, managing assets of 40.811 billion CNY [2]

Core Viewpoint - The stock of Sda Semiconductor has shown a significant increase in price and trading activity, reflecting positive market sentiment and growth in revenue and profit for the company [1][2]. Company Overview - Sda Semiconductor, established on April 27, 2005, and listed on February 4, 2020, is located in Jiaxing, Zhejiang Province. The company specializes in the design, research, and production of power semiconductor chips and modules, primarily focusing on IGBT technology [1]. - The company's main revenue source comes from IGBT modules, accounting for 98.12% of total revenue, while other products contribute 1.88% [1]. Financial Performance - For the first half of 2025, Sda Semiconductor reported a revenue of 1.936 billion yuan, representing a year-on-year growth of 26.25%. The net profit attributable to shareholders was 275 million yuan, with a slight increase of 0.26% [2]. - Since its A-share listing, Sda Semiconductor has distributed a total of 885 million yuan in dividends, with 671 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Sda Semiconductor was 53,900, a decrease of 5.10% from the previous period. The average number of circulating shares per shareholder increased by 5.37% to 4,440 shares [2]. - The stock price increased by 28.43% year-to-date, with a recent decline of 1.43% over the last five trading days. The stock has seen a 40.16% increase over the past 60 days [1]. Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest, holding 4.2794 million shares, an increase of 763,500 shares from the previous period. Southern CSI 500 ETF and Guolian An CSI All-Index Semiconductor Products and Equipment ETF also increased their holdings [3].

Group 1 - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth equipment and raw materials, marking the first time that overseas re-exports and rare earth-related technologies are included in the management, creating a closed-loop control of the entire industry chain [2][3] - The export control specifically involves five types of heavy rare earth elements and related products, including holmium, erbium, thulium, europium, and ytterbium, covering various forms such as metals, alloys, target materials, crystal materials, permanent magnetic materials, and luminescent materials [3] - The announcement indicates that if products manufactured overseas contain rare earth items originating from China, and their value exceeds 0.1%, they will be subject to control [3] Group 2 - The export controls are expected to severely impact the U.S. rare earth magnet industry, as efforts to reduce dependence on China are still in the early stages [4] - Major technology companies like Apple, Google, and Microsoft rely on rare earth materials for acoustic components, motors, and batteries in consumer electronics, and the latest restrictions are anticipated to cause further disruptions in the supply chain [4] - The U.S. President announced an additional 100% tariff on Chinese imports starting November 1, as a retaliation against China's recent export control measures [4][5] Group 3 - The U.S. export controls on key software are expected to impact the global supply chain, narrowing the channels for Chinese companies to access advanced software, which may lead to short-term "bottleneck" risks [5] - In the long term, these restrictions may drive domestic software development in China, while U.S. software companies could face revenue losses due to the loss of the Chinese market [5] Group 4 - The domestic EDA software sector is accelerating technology integration and expanding product lines to enhance competitiveness, with companies like Gaon Electronics completing acquisitions to strengthen their capabilities [6] - The acquisition of specific EDA tool assets by Chip Vision aims to enhance the core EDA technology stack and improve automation capabilities [7] - The carbon silicon industry is experiencing explosive growth driven by global energy transformation and AI, with significant advancements in technology and product development among A-share SiC concept stocks [8][9]

Investment Rating - The report indicates a positive investment outlook for the automotive chip industry, driven by the growth of electric vehicles and advancements in autonomous driving technology [4]. Core Insights - The automotive chip market is expected to grow significantly, with projections indicating a market size increase from 66.692 billion yuan in 2020 to 171.181 billion yuan by 2025 [37]. - The demand for automotive chips is being propelled by the electrification of vehicles, with electric vehicles requiring approximately twice the number of chips compared to traditional vehicles, and L4 autonomous vehicles needing over ten times the number of chips [12][39]. - The report highlights a clear trend towards domestic chip production in China, with local companies rapidly advancing in the automotive chip sector due to supply chain vulnerabilities exposed by global chip shortages [13][49]. Industry Definition - Automotive chips, also known as vehicle-grade chips, are semiconductor integrated circuits specifically designed for automotive electronic systems, serving as core components of Electronic Control Units (ECUs) [5]. - The industry is characterized by high technical barriers, stringent certification processes, and a growing trend towards domestic production in response to global supply chain challenges [11][14]. Industry Characteristics - The report identifies three main characteristics of the automotive chip industry: 1. Electrification driving market demand growth [12] 2. Significant domestic replacement of imported chips [13] 3. High technical barriers due to rigorous certification requirements [14] Development History - The automotive chip industry has evolved through three main phases: 1. Emergence phase (1970-1999) focused on basic electronic control [16] 2. Initiation phase (2000-2009) marked by the rise of electric and intelligent vehicles [17] 3. Rapid development phase (2010-present) characterized by the integration of advanced processing units and the rise of AI technologies [19]. Industry Chain Analysis - The automotive chip industry chain consists of three segments: upstream (raw materials and equipment), midstream (chip design and manufacturing), and downstream (system integration and vehicle application) [20]. - Upstream segments are heavily reliant on global suppliers, with low domestic penetration in high-end materials and equipment [21]. - Midstream manufacturers are increasingly competitive, with local companies making significant strides in various chip categories [22]. - Downstream demand is surging due to the rapid growth of electric and smart vehicles, with significant increases in chip requirements for power modules and advanced driver-assistance systems [34]. Market Size and Growth - The automotive chip market is projected to grow from 66.692 billion yuan in 2020 to 171.181 billion yuan by 2025, driven by the increasing penetration of electric vehicles and advancements in autonomous driving technology [37][41]. - The report notes that the market is expected to maintain a high growth rate due to the ongoing transformation of the automotive industry towards electrification and intelligence [42]. Competitive Landscape - The report outlines a competitive landscape where domestic companies are rapidly increasing their market share, with a notable shift from less than 3% to approximately 15% in domestic chip production [49]. - Key players in the domestic market include BYD Semiconductor, Sinda Semiconductor, and Horizon Robotics, with each company demonstrating strong technical capabilities in their respective fields [50].

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - On October 9, the top ten stocks by purchase frequency in the stock group included companies such as Xiechuang Data (sz300857) and Lankai Technology (sh688008) [2] - The top ten stocks by purchase amount on the same day featured companies like SMIC (sh688981) and Lankai Technology (sh688008) [3] - The data for the top ten buy stocks/ETFs is based on the frequency of purchases by all participating contestants, while the top ten by purchase amount reflects the highest monetary investments [4]

Core Viewpoint - The stock of Sda Semiconductor has shown significant growth in 2023, with a year-to-date increase of 27.83% and a notable rise of 41.93% over the past 60 days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Sda Semiconductor reported a revenue of 1.936 billion yuan, reflecting a year-on-year growth of 26.25%. The net profit attributable to shareholders was 275 million yuan, with a modest increase of 0.26% compared to the previous period [2]. - Cumulative cash dividends since the company's A-share listing amount to 885 million yuan, with 671 million yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 5.10% to 53,900, while the average number of circulating shares per person increased by 5.37% to 4,440 shares [2]. - The stock's trading activity on September 26 showed a turnover of 507 million yuan, with a net outflow of 6.7043 million yuan from major funds, indicating mixed investor sentiment [1]. Company Overview - Sda Semiconductor, established on April 27, 2005, and listed on February 4, 2020, specializes in the design, research, and production of power semiconductor chips and modules, primarily focusing on IGBT technology. The company's revenue composition is heavily weighted towards modules, accounting for 98.12% of total income [1]. - The company operates within the semiconductor industry, specifically in the electronic sector, and is associated with various concepts such as high dividend yield and third-generation semiconductors [1].